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Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31%

EntrackrEntrackr · 4m ago
Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31%
Medial

Morgan Stanley-backed Recykal’s scale dips in FY24; losses spike 31% While Recykal, a B2B waste management marketplace, achieved 4X year-on-year growth in FY23, the firm could not maintain the same momentum in FY24, with its gross revenue declining by nearly 5%. Moreover, the company’s losses spiked 31% in the same period. Recykal’s gross revenue declined by 4.4% to Rs 712 crore in FY24 from Rs 745 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Founded in 2016, Recykal offers digital solutions for waste management, assisting businesses in meeting EPR targets, sourcing recyclables, and tracking industrial waste. Its services include EPR certificates, plastic neutrality, ITAD, a digital marketplace, and circularity solutions. Gross collections from scrap and waste sales contributed 85% of the gross revenue, which declined 7.4% year-on-year to Rs 608 crore in FY24 from Rs 657 crore in FY23. The remaining revenue was generated from the sale of sustainability services, including EPR certificates. Recykal also added Rs 6 crore interest on deposits and gain on the sale of current investments which tallied the overall income to Rs 718 crore in the last fiscal year, from Rs 748 crore in FY23. For the waste management firm, scrap and waste procurement remained the largest cost center, making up 89.5% of total expenses. With a slight decline in scale, this cost decreased by 3.6% to Rs 673 crore in FY24. Employee benefits surged by 43.3% to Rs 43 crore in FY24, including Rs 3.2 crore in ESOP costs (non-cash). Provisions for doubtful debts, legal expenses, rent, communication, logistics, and other overheads drove total expenditure to Rs 752 crore in FY24. The decline in scale led Recykal to record a 30.8% increase in losses, standing at Rs 34 crore in FY24, up from Rs 26 crore in FY23. Its Return on Capital Employed (ROCE) stood at -15.66%, while its EBITDA margin was -4.04%, with an expense-to-revenue ratio of Rs 1.06. By the end of FY24, Recykal reported total current assets of Rs 317 crore, including Rs 70 crore in cash and bank balances. Recykal has raised over $38 million to date including its $13 million round led by 360 ONE Asset Management. According to the startup data intelligence platform TheKredible, Morgan Stanley is the largest external stakeholder followed by 360 One Asset Management.

Tractor Junction revenue soars 2.3X in FY24; cuts losses by 51%

EntrackrEntrackr · 9m ago
Tractor Junction revenue soars 2.3X in FY24; cuts losses by 51%
Medial

Tractor-focused marketplace Tractor Junction has been growing at a rapid pace, with the company’s operating revenue surpassing the Rs 60 crore mark for the fiscal year ending March 2024. Moreover, the Bengaluru-based firm reduced its losses by 51% during this period. Tractor Junction’s operating revenue surged 2.3X to Rs 62 crore in FY24 from Rs 26.8 crore in FY23, according to its consolidated annual figures accessed from the Registrar of Companies (RoC). For context, Tractor Junction’s gross scale had spiked 3X in FY23. Tractor Junction Tractor Junction is a rural vehicle marketplace facilitating buying, selling, financing, and insuring new and used tractors, farm equipment, and rural commercial vehicles. It also provides essential information and vetted reviews on farm machinery, enabling users to compare options. The company generated 73% of its revenue from tractor sales, which tripled in FY24, while the remaining 27% came from tractor’s services. It also earned Rs 5.8 crore from interest on deposits, bringing total income to Rs 67.8 crore in the last fiscal year (FY24). Looking at expenses, 60% of the total expenditure went toward material costs, which tripled to Rs 43 crore. Another significant expense was employee benefits, accounting for 21% of total expenses. Advertising, finance, and rent were additional costs, bringing total expenses to Rs 72.8 crore in FY24, up from Rs 35 crore in FY23. See TheKredible for the detailed expense breakup With increased revenue, Tractor Junction managed to reduce its losses by 51%, down to Rs 3.6 crore in FY24 from Rs 7.5 crore in FY23. Its ROCE and EBITDA margin stood at -7.68% and -16.42%, respectively. On a per-unit basis, Tractor Junction spent Rs 1.17 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -20.88% -5.85% Expense/₹ of Op Revenue ₹1.29 ₹1.17 ROCE -16.42% -7.68% According to TheKredible, Tractor Junction has raised nearly $6 million to date from investors including Info Edge, Omnivore, Rockstart, and Indigram Labs, and is currently valued at $19.34 million.

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